LONDON, Sept 12 Global oil demand is poised to
be depressed for the next 18 months while supply levels from
OPEC countries are at fairly comfortable levels, the West's
energy agency said on Wednesday as it faces calls for an
emergency stocks release.

Sources have told Reuters the United States is considering
an emergency stocks release in a move to help suppress high oil
prices, and other members of the International Energy Agency,
such as France and Great Britain, could join the move.

Some members of the IEA have opposed the release although
its head has recently said high oil prices were a cause for
concern.

The IEA, which represents developed energy consuming
countries, made only one mention of "market rumours of an
imminent release of U.S. strategic stocks" in its monthly report
while painting a supply-demand picture implying such a release
would not be necessary.

The IEA said it made no significant changes to its global
oil demand outlook and forecast it would grow at a steady rate
of around 0.8 million barrels per day (bpd) or 0.9 percent in
both 2012 and 2013.

It said that August OPEC liquids production growth, led by
Nigeria, Angola and Iraq, failed to offset fully unplanned
production outages in nonOPEC countries such as U.S. output hit
by a hurricane and North Sea output disruptions due to a strike
in Norway and planned maintenances.

However, compared to a year ago, global oil production
stands 2.0 million bpd higher due to increases from OPEC, which
is pumping way above the levels required by the market and
therefore contributing to a large stocks build across the world.

The IEA said the call on OPEC crude and stock change was
projected to rise by 1.3 million bpd in the third quarter of
2012 to 31.1 million bpd due to a seasonal quarter-onquarter
uptick in demand of 1.4 million bpd.

However, a projected recovery in nonOPEC supplies in the
fourth quarter of 2012 is forecast to cut back the 'call' on
OPEC by a substantial 0.5 million bpd to just 30.6 million bpd
versus its current output of 31.55 million bpd.

TIGHTENING THE SANCTIONS

Oil prices have rallied to $117 a barrel in August due to
expectations of a new round of monetary easing in the United
States and amid tensions between Iran and the West over Tehran's
nuclear programme.

The IEA said Iranian oil exports are estimated to have
inched up in August to 1.1 million bpd from below 1 million bpd
in July.

"China, South Korea, India and others are poised to increase
liftings in September. In addition, a cargo was reportedly sold
through the private sector after Tehran, in a bid to maintain
exports, allowed for the first time sales outside of the state
oil company," the IEA said.

Increased exports, however, may be temporary, it added as
both U.S. and European officials have proposed to tighten
sanctions further due to lack of progress in negotiations with
Tehran over its nuclear programme.

On the stocks front, OECD industry crude stocks contracted
by 16.5 million barrels in July and a preliminary 23.7 million
barrels in August on strong refining crude runs.

Total industry oil builds of 10.6 million barrels for July
were below normal and preliminary data hint at counterseasonal
draws in August, the IEA added.

"Recent demand strength notwithstanding, low expectations of
future demand are such that the OECD stock cushion actually
looks more comfortable today when measured in days of forward
demand than before the latest draws," the IEA added.

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